OPEC+ considers possibility of US easing Iran sanctions

Tehran Times – Organization of the Petroleum Exporting Countries and its allies (known as OPEX+), In its latest committee meeting on Thursday, discussed reports that the United States might ease sanctions imposed on Iran’s oil sale and what impact they might have on future of the global supplies.

After the meeting which was held in Abu Dhabi, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that members of the bloc had a debate about reports that U.S. President Donald Trump could ease sanctions on Iran.

The report about Trump’s consideration of a new decision on Iran swiftly affected oil markets on Wednesday as prices tumbled more than two percent.

They come amid an ongoing OPEC+ agreement to cut supplies which is meant to boost global prices. Iran, under the U.S. sanctions since November, is exempt from the cuts which amount to 800,000 barrels per day for 11 members of OPEC. Non-OPEC members have also agreed to cut supplies by more than 400,000 bpd.

Iran’s oil minister says he is happy with results of a recent OPEC meeting in Vienna.

Prince Abdulaziz, who took over as Saudi Arabia’s energy minister on Sunday, said the kingdom would remain committed to its promises to pump below 10 million bpd.

He hinted that deeper OPEC+ cuts could be agreed in the future policy meeting of the group in Vienna in December.

Last year, the U.S. brought back sanctions on Iran after withdrawing from the Iran nuclear deal which was struck in 2015.

They demanded Iran’s oil buyers to cut oil imports from the Persian Gulf nation to “zero” by November 4 or face sanctions. However, Washington granted a six-month waiver to India and seven other countries to buy oil from Iran. The waivers expired in May.